CSX rail profit grows 5% even with ongoing delivery delays

Published July 20, 2022 3:13 PM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — CSX delivered slightly better profit in the second quarter. That’s even though volume was flat and the railroad still struggled to handle all the goods companies wanted to ship because it is having a hard time hiring. The Jacksonville, Florida-based railroad said its profits grew 5% to $1.18 billion, or 54 cents per share. That’s up from $1.17 billion, or 52 cents per share, a year ago. Without a one-time gain, the railroad earned 50 cents per share. The results beat Wall Street expectations. CEO Jim Foote said CSX hasn’t been able to keep up with all the demand for shipments because it needs more employees, but hiring is difficult.